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The ultra rich in Singapore and HK keep poaching Morgan Stanley’s top bankers

Bloomberg Published on Thu, Nov 23, 2017 / 7:45 AM GMT+8

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SINGAPORE (Nov 23): Asia’s swelling ranks of mega-wealthy are proving to be a mixed blessing for Morgan Stanley.

The firm’s Asian private banking unit has boosted assets under management and revenue this year, according to Vincent Chui, who oversees the business. But because top bankers keep getting poached by family offices set up by the richest people, a plan to increase headcount has fallen flat.

At least 10 relationship managers left in 2017 for family offices, leaving headcount in Hong Kong and Singapore unchanged from the end of last year at about 100, Chui said in an interview. Morgan Stanley’s earlier plan was to add 20 this year, he said, adding that some others left by what he described as “natural attrition."